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Problem - Carson had the following itemized deductions in 2019:
State income taxes $1,500
Charitable contributions 9,900
Mortgage interest (personal residence) 12,000
Medical expenses [($9,875 - (10% x $75,000)] 2,375
Required -
a. What are Carson's itemized deductions for AMT purposes?
b. What is the amount of the AMT adjustment?
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L'Oréal reports the following income statement accounts for the year ended December 31, 2009 (euros in millions).
On December 1, 20x1, Alt Department Store received 505 sweaters on consignment from Todd, what amount should Alt report as payable for consigned goods?
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